Business
Newmark Advised Blackstone Real Estate Income Trust, Inc. on the $2.2 Billion Sale of Simply Self Storage
Public Storage Acquired Simply Self Storage from Blackstone Real Estate Income Trust, Inc. NEW YORK, Sept. 15, 2023 /PRNewswire/ -- Newmark Group, Inc.
About this update from Newmark Group, Inc.
[{"type":"text","content":"Public Storage Acquired Simply Self Storage from Blackstone Real Estate Income Trust, Inc.\nNEW YORK, Sept. 15, 2023 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it served as the Co-Lead Advisor to Blackstone Real Estate Income Trust, Inc. (\"BREIT\") on its sale of Simply Self Storage (\"Simply\") to Public Storage for $2.2 billion. Newmark's Capital Markets National Self Storage practice leader Vice Chairman Aaron A. Swerdlin and team advised BREIT on the transaction.\n\n \n \n \n \n \n \n\n \nThe portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the national average since 2018. Approximately 65% of the properties are located in high-growth Sunbelt markets.\n\"Self-storage is an asset class that continues to perform, even amidst the current challenging capital markets environment,\" Swerdlin said. \"In fact, the asset class, bolstered by its strong historical performance across business cycles, continues to garner a disproportionate share of overall commercial real estate transaction activity. We're thrilled to have been able to advise our client on this sale.\"\nPublic Storage funded the acquisition by utilizing its growth-oriented balance sheet to issue $2.2 billion of senior unsecured notes and quickly closed the transaction in a well-coordinated effort with the Simply and Blackstone teams. Public Storage expects the transaction will be accretive to FFO per share, with accretion accelerating through stabilization. A presentation with further detail is available on the Investor Relations section of PublicStorage.com.\nAbout Newmark\nNewmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (\"Newmark\"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both e...